Egypt Races to End Pound Dilemma in Hunt for Gulf, IMF Cash
- Pound value is sticking point as Cairo searches for investment
- Deadlock could be broken with deal-by-deal exchange rates
Images of US one dollar bills in the window of a currency exchange bureau in Cairo, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
What comes first, another currency devaluation or a wave of Gulf investment? Cash-strapped Egypt is racing to resolve that dilemma and secure critical funding ahead of a key International Monetary Fund review.
With a target of $2 billion in foreign deals by the end of June, the Middle East’s most populous nation is going all-out to sell state assets ranging from banks to power plants and a military-owned network of gas stations. Allies such as Saudi Arabia, Qatar and the United Arab Emirates, who’ve pledged billions of dollars to help Egypt get through its economic crisis, are the likely buyers.